- Oh dear! The market structure of FLOKI on both the daily and 4-hour charts is decidedly bearish.
- Further losses are anticipated, as momentum and volume seem to have taken a rather unfortunate liking to the sellers.
Floki [FLOKI] has plummeted a staggering 31.6% below the lows of November. It appears the entire memecoin sector is having a rather dismal soirée.
In the past month, the sector has taken a nosedive of 41.5%. FLOKI’s losses are still on a roll, slipping below the 78.6% Fibonacci retracement level, as if it were auditioning for a tragic play from March 2024.
At present, the swing low from the 3rd of February is the short-term target, as we all ponder: how much lower can this meme coin possibly go? 🎭
FLOKI Channel: A Silver Lining for Traders? 🤔
The OBV has been on a downward spiral since November. It did attempt a little climb in February, but alas, the downtrend remains, as it has yet to achieve a new higher high in 2025. How positively tragic!
This unfortunate trend corresponds with the price action, which has maintained a rather gloomy bearish structure since December.
The RSI on the daily chart has also been in a bearish mood since mid-December. A bullish divergence? Not yet, darling! FLOKI is likely to waltz back toward the February lows at $0.0000713 once more.
The 4-hour chart reveals that our dear FLOKI is once again in a bearish structure. After valiantly defending the $0.000086 level as support, it has sunk lower in the final week of February, as if it were a tragic hero.
This was followed by a retest of $0.000086, the former local support, now turned resistance. How delightfully ironic!
Subsequently, a descending channel has formed, with a series of lower highs and lower lows, and the mid-channel level has served as support over the past week. Quite the dramatic turn of events!
The H4 chart shows that the OBV has been in a steady downtrend, indicating persistent selling volume. The RSI is also below neutral 50, with the bears reigning supreme. 🐻
Traders might consider using the descending channel to sell FLOKI. As highlighted on the higher timeframe charts, the next support levels are at $0.0000713 and $0.00005375. How thrilling! 🎉
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2025-03-03 00:10